40k savings for up to 1yr

kokolino23

Hello,

I've got some savings (around 40k) and I'm looking to deposit them into a savings account for up to 1yr. Depending how the property & job market evolves, I might use them as a deposit to buy a house so I can't lock them for 1 year but 3 months notice seems reasonable.

Would the below be the best option at present?

https://www.raisin.co.uk/term-deposit/icici-bank-uk-95-day-notice-account/?utm_source=Money_facts&utm_medium=affiliate&utm_campaign=ICICI_95NA&tsid=44120

Thanks a lot

colsten

The rate will drop shortly to 1.4%. Which is still good in the circumstances, and you probably qualify for the £25 bonus, too.

Mrc44

colsten said:

The rate will drop shortly to 1.4%. Which is still good in the circumstances, and you probably qualify for the £25 bonus, too.

I can’t seem to find this colsten , by the looks of there site the rate is dropping to 1.4% then 1.10% as of 1st September?? 

colsten

It's from the Raisin website. I have not seen any mention of 1.1% for that account but wouldn't be surprised if there is a further drop to come.

theselfishaltruist

kokolino23 said:

Hello,

I've got some savings (around 40k) and I'm looking to deposit them into a savings account for up to 1yr. Depending how the property & job market evolves, I might use them as a deposit to buy a house so I can't lock them for 1 year but 3 months notice seems reasonable.

Would the below be the best option at present?

https://www.raisin.co.uk/term-deposit/icici-bank-uk-95-day-notice-account/?utm_source=Money_facts&utm_medium=affiliate&utm_campaign=ICICI_95NA&tsid=44120

Thanks a lot

Have you considered investing the money instead? Savings accounts offer below inflation interest. In effect, they make you poorer as the money is worth less at the end of the year. 
It obviously depends on what kind of risk you are willing to put up with, but personally, I would invest all that money into safe stocks. 
Or, if you worry about that risk you could invest less, perhaps half of it. 
I personally think savings accounts are one of the biggest scams going. Just do what the bank does with that money, and invest it. Dont let the bank make money off your money, make it yourself. 

colsten

theselfishaltruist said:

Have you considered investing the money instead? 

Investing is not recommended if you need the money sometime in the next 5-7 years, which the OP has indicated they do.

kokolino23

I will need the money in 1yr max 2.
Thanks for all the replies 

colsten

@kokolino23, new offer just in: https://forums.moneysavingexpert.com/discussion/6146372/25-hl-active-savings-offer-expires-17-06-2020. Could be a good option for £5K of your money (diminishing returns on higher amount)

DiggerUK

Premium Bonds. 24hour instant access. Between 0% and a million pounds..._

Albermarle

Have you considered investing the money instead?
For one year, this is crazy advice , especially as three days ago you said this in another post.
My view is that the moment the UK and US report they are in a depression, which they will have to at some point, I predict a crash in both markets respectively.

coachman12

colsten said:

theselfishaltruist said:

Have you considered investing the money instead? 

Investing is not recommended if you need the money sometime in the next 5-7 years, which the OP has indicated they do.

"is not recommended" ?????  By who ???  It is a viable option if you have proper advice. Not one I would personally "push" but nevertheless I'm sure we all want to make sure everyone's opinions are allowed on this Forum. Don't we ??? Don't we ??